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Accounting Information and Capital Markets
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Accounting Information and Capital Markets

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 31 July 2026 | Viewed by 2037

Special Issue Editor

Dr. Hongkang Xu

E-Mail Website
Guest Editor
College of Business, University of Massachusetts Dartmouth, 285 Old Westport Road, Dartmouth, MA 02747-2300, USA
Interests: auditing; corporate governance; financial reporting quality; tax research; international accounting
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue, “Accounting Information and Capital Markets,” explores how accounting information influences the behavior of investors, analysts, and other market participants. As capital markets become more complex and information-driven, the role of financial and non-financial disclosures has grown increasingly important for market efficiency and resource allocation.

I welcome theoretical and empirical contributions that investigate the mechanisms through which accounting information—such as earnings announcements, management forecasts, audit outcomes, or ESG disclosures—affects asset pricing, trading behavior, information asymmetry, and corporate valuation. Research that leverages innovative methodologies, cross-country data, or interdisciplinary perspectives is especially encouraged.

Topics of interest include, but are not limited to, the following:

  • The value relevance of financial reporting.
  • The impact of disclosure regulation and enforcement.
  • Investor response to financial and ESG disclosures.
  • Audit quality and market confidence.
  • Information asymmetry and trading efficiency.
  • Technology-driven innovations in reporting and disclosure.
  • International comparisons of disclosure effectiveness.

This Special Issue aims to extend the existing literature by addressing underexplored areas and emerging developments in how accounting information shapes capital market outcomes. By bringing together cutting-edge research in this domain, I hope to foster a deeper understanding of the intersection between accounting and market behavior.

Dr. Hongkang Xu
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial reporting
  • capital markets
  • earnings announcements
  • voluntary disclosure
  • audit quality
  • ESG disclosure
  • information asymmetry
  • investor behavior
  • market efficiency
  • asset pricing
  • corporate governance
  • international accounting

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (3 papers)

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Research

23 pages, 1013 KB  
Article
The Mediating Role of Audit Quality in the Relationship Between IFRS Adoption and Financial Reporting: Evidence from Big Four Auditing Firms in an Emerging Market
by Mohammad Zaid Alaskar, Abdulrahman Alomair, Abubkr Ahmed Elhadi Abdelraheem and Asaad Mubarak Hussien Musa
J. Risk Financial Manag. 2026, 19(3), 182; https://doi.org/10.3390/jrfm19030182 - 4 Mar 2026
Viewed by 689
Abstract
This paper set out to investigate how the Big Four auditing firms in Saudi Arabia perceive the impact of International Financial Reporting Standards (IFRS) adoption on financial reporting practices, addressing ongoing debate in the literature regarding whether IFRS adoption consistently enhances reporting practices [...] Read more.
This paper set out to investigate how the Big Four auditing firms in Saudi Arabia perceive the impact of International Financial Reporting Standards (IFRS) adoption on financial reporting practices, addressing ongoing debate in the literature regarding whether IFRS adoption consistently enhances reporting practices across different institutional contexts. Further, the study investigates whether audit quality (AQ) mediates the relationship between IFRS adoption and financial reporting quality (FRQ). To address these questions, a structured questionnaire was circulated among auditors and quality assurance auditors working in the Saudi branches of the Big Four. Responses were examined using partial least squares (PLS) analysis. The results showed that IFRS has a clear positive effect on the qualitative characteristics of financial reporting, aligning with evidence from earlier studies. The results also underscored the mediating role played by AQ in reinforcing the benefits of IFRS on reporting practices. The findings carry significant ramifications, specifically for major stakeholders, including regulatory authorities, financiers, board members, senior executives, and investors. Full article
(This article belongs to the Special Issue Accounting Information and Capital Markets)
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19 pages, 1861 KB  
Article
Bibliometric Analysis of Earnings Response Coefficient: A Measure of Market Reaction to a Company’s Earnings Announcements and Key Drivers of Investor
by Syarifuddin Rasyid, Darmawati Darmawati and Haryanto Haryanto
J. Risk Financial Manag. 2026, 19(3), 177; https://doi.org/10.3390/jrfm19030177 - 2 Mar 2026
Viewed by 465
Abstract
The Earnings Response Coefficient (ERC) has emerged as a pivotal topic in academic literature and financial practice, elucidating the critical relationship between corporate earnings information and market response, which directly impacts corporate performance evaluation and investment decision-making. This study aims to identify the [...] Read more.
The Earnings Response Coefficient (ERC) has emerged as a pivotal topic in academic literature and financial practice, elucidating the critical relationship between corporate earnings information and market response, which directly impacts corporate performance evaluation and investment decision-making. This study aims to identify the most frequently researched topics in the Earnings Response Coefficient domain, explore the basic concepts and theoretical frameworks underlying ERC research, and propose potential future research directions in the field, all within finance and investment management. This research employs bibliometric analysis to use data from Google Scholar and Scopus, accessed through Publish or Perish (PoP), to evaluate the literature’s performance, explore related topics, and identify research trends, thereby deepening the understanding of ERC studies. The findings reveal that income smoothing and intellectual capital disclosure have a significant impact but low connectedness, indicating a need for deeper exploration to heighten their relevance in ERC studies. Research on corporate social responsibility exhibits a high degree of interconnectedness and substantial impact. Underexplored topics such as economic uncertainty and analysts’ influence require greater attention to understand their contributions fully. This study identifies publication trends and citation networks related to ERC, provides insights into researcher collaborations, and offers guidance for academics, practitioners, and policymakers to enrich their understanding, develop more effective earnings management strategies, and design regulations that bolster market transparency and efficiency in the realm of finance and investment management. This research is particularly beneficial for practitioners, as it helps evaluate more effective earnings management strategies and understand the market’s response to earnings information, ultimately enhancing firm value. For policymakers, this study provides a framework for designing regulations and policies that support financial information transparency and market efficiency to enhance economic stability and investor confidence. Full article
(This article belongs to the Special Issue Accounting Information and Capital Markets)
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26 pages, 571 KB  
Article
Investors’ Information Risk Perception of Book-Tax Differences
by Moshe Hagigi and Kun Yu
J. Risk Financial Manag. 2026, 19(1), 6; https://doi.org/10.3390/jrfm19010006 - 20 Dec 2025
Viewed by 524
Abstract
We examine whether and how book-tax differences (BTDs) may affect investors’ perception of information risk. Using bid-ask spreads as a proxy for information risk, we document a positive association between bid-ask spreads around 10-K filing dates and positive temporary BTDs for firms with [...] Read more.
We examine whether and how book-tax differences (BTDs) may affect investors’ perception of information risk. Using bid-ask spreads as a proxy for information risk, we document a positive association between bid-ask spreads around 10-K filing dates and positive temporary BTDs for firms with low analyst following or institutional ownership, consistent with larger positive temporary BTDs exacerbating information asymmetry for firms with poor information environments. Furthermore, this positive association is less pronounced for firms with higher analyst following or institutional ownership, suggesting that financial analysts and institutional investors mitigate information risk from positive temporary BTDs through their monitoring and information intermediary roles. We find similar results using positive permanent BTDs. Overall, our findings suggest that investors factor BTDs into their assessments of information risk, highlighting the importance of considering information risk in the valuation of BTDs. Full article
(This article belongs to the Special Issue Accounting Information and Capital Markets)
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